Aug 11, 2022
Labour Force Survey for July 2022: Historic and unprecedented low unemployment remains, wage pressures continue to mount
July's Labour Force data is both unexpected and unprecedented, with Canada's unemployment rate remaining at a multi-decade low of 4.9% for a second consecutive month. Wage growth also continued at June's torrid pace, with average hourly wages up 5.2% year-over-year.
Canada continues to face strong headwinds. COVID-19 numbers are rising, restrictions on our activities remain — and may even increase — and we face great economic uncertainty as businesses downsize or close and Canadians lose their jobs.